As Camille stated, the banks generally accept an offer and go forward; it seems as if timing is almost everything.

In actuality, the banks will be happy to receive multiple offers and then make a decision; however, Long Island practice is to submit one...period!

If the bank accepts the other offer you are out of luck; if this is the property you must have why not up your bid and take no chances--don't forget most of these short sales are already way below market value.

No. Only if the bank does not accept the other offer.
You might be lucky and get your new offer in before the
other buyer gets their counteroffer in.
These shortsales are not always straight forward like a regular
purchase. So I wish you luck. If you really want this house
tell the realtor that and they will tell you what you have to do to
get it.

Camille Dandola
Charles Rutenberg Realty